Innovative ways of raising funds and adding value: A stakeholder approach to whole business securitization

Whole business (WB) securitization is a corporate fundraising strategy that allows companies to realize the full value of their operating assets in cooperation with their stakeholders. In a WB securitization, the company raises funds by issuing securitization bonds backed by its operating assets. A characteristic feature of this funding strategy is that it allows investors to impose operating conditions which obligate the company to develop its business strategy and operations. Hence, investors can influence the branding and customer service practices, as well as the stakeholder relationships of the company. Herein, we outline how managers of the securitized assets and investors can add value by adopting a stakeholder approach to whole business securitization.     

市场化配置资源的科技体制改革研究

尽管我国科技体制市场化改革不断深入,但是由于政府采购科技成果背离市场原则以及依然非市场化配置科技资源给予企业和应用性科研机构,打乱了政府、科研机构、企业之间资源配置的市场化体制与机制。应确立“科技事业管理”与“应用技术市场”双轨运行机制：在科技事业管理中,重点推进“事业拨款”和“合同采购”双轨并行机制,纠正合同采购中的事业经费审核制度;在应用科技市场中,要建立和完善市场化配置资源的运行机制。     

信贷资产证券化业务中资产出表问题研究

信贷资产证券化业务中基础资产能否顺利出表是关键问题,但并非所有的资产证券化产品都能顺利实现资产出表,也并非所有的信贷资产证券化都必须实现基础资产的“双出表”.基础资产的顺利出表取决于交易结构的合理设计.发起人应明确资产证券化目的,优化交易结构,选择恰当的资产出表方式,同时加强对未并表结构化主体信息披露的研究,充分评估集团风险.     

利率市场化与资产证券化兴起：来自美国经验的启示

资产证券化是20世纪最重要的金融产品创新之一,历经四十余年发展资产证券化产品日渐成熟．规模可与公司债市场匹敌。通过系统梳理美国资产证券化市场的发展脉络可以看出：资产证券化是美国支持房地产融资、解决贷款资金来源的盘活存量之道;利率市场化是资产证券化兴起的催化剂：信托法律关系的创新完善是美国资产证券化大规模发展的必要条件;投资银行持续创新产品设计使其更能为投资者接受。这为中国金融市场的发展提供了参考。     

资产证券化原理、功能及模式研究

研究了资产证券化的核心原理和基本原理,分析了资产证券化的具体功能,及其参与方和运作程序,在此基础上,提出了如何确立资产证券化的可行模式,以促进中国金融结构的调整和优化。     

跨国资产证券化的理论研究

跨国资产证券化是资产证券化的一个模式,它的发展只有短短十几年的历史,但在全球尤其是新兴市场国家正得到越来越快的发展。人们用它来利用各国法律、税收、会计、资本市场、经济发展等地区差异来发行资产支撑证券,降低交易成本。熟悉跨国资产证券化的运作原理、研究跨国资产     

供应链金融资产证券化的产品信用风险研究--基于QYSJ-ABS和RXZL-ABS的案例分析

以“QYSJ知识产权供应链金融资产支持专项计划”和“RXZL2017年一期资产支持专项计划”为例,研究供应链金融资产证券化产品信用风险控制问题。首先通过分析交易结构和产品设计,对比两案例的风险分散和控制情况;其次基于证券化前后的财务数据,通过Z值变动判断资产证券化对公司信用风险的影响,分析专项计划的实施效果。研究发现:合理选择基础资产、使用信用增级措施和采用供应链这种交易结构均能够对证券化项目的信用风险防范起到一定促进作用。同时,借鉴QYSJ-ABS的成功经验,从证券化项目交易结构的设计、证券化项目基础资产的选择和信用增级举措的选择三方面总结了版权证券化的风险管理流程。最后,从风险管理体系建设方面入手,对未来拟进行供应链金融资产证券化的企业提出发展建议。     

Shadow Banks and Macroeconomic Instability

We develop a macroeconomic model in which commercial banks can offload risky loans to a “shadow” banking sector, and financial intermediaries trade in securitized assets. The model can account both for the business cycle comovement between output, traditional bank, and shadow bank credit, and for the behavior of macroeconomic variables in a liquidity crisis centered on shadow banks. We find that following a liquidity shock, stabilization policy aimed solely at the market in securitized assets is relatively ineffective.     

Bank Funding,Securitization, and Loan Terms: Evidence from Foreign Currency Lending

We examine how bank funding structure and securitization activities affect the currency denomination of business loans. We analyze a unique data set that includes information on the requested and granted loan currency for 99,490 loans granted to 57,464 firms by a Bulgarian bank. Our findings document that foreign currency lending is at least partially driven by bank eagerness to match the currency structure of assets with that of liabilities. Our results also show that loan currency, as well as loan amount and maturity, are adjusted to make loans eligible for securitization.